This paper uses the co-incidence of extreme shocks to banksu0092 risk to examine within country and across country … contagion among large EU banks. Banksu0092 risk is measured by the first difference of weekly distances to default and abnormal …

. Robustly to alternative definitions of the relative price, identification schemes dictated by two-sided (S,s) pricing theory …

general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity …